Notes Payable and Unsecured Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2020

The Company’s outstanding debt consists of the following:

	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2020		2019
Notes payable:
Fixed rate mortgage loans	10/1/2036	4.3%	4.0%	$	272,749	$	342,020
Variable rate mortgage loans ⁽¹⁾	6/2/2027	2.8%	2.9%		146,046		148,389
Fixed rate unsecured public and private debt	3/15/2049	3.8%	4.0%		3,239,609		2,944,752
Total notes payable				$	3,658,404		3,435,161
Unsecured credit facilities:
Line of Credit ⁽²⁾	3/23/2022	1.0%	1.4%	$	—	$	220,000
Term Loan⁽³⁾	1/5/2022	2.0%	2.1%		264,680		264,383
Total unsecured credit facilities				$	264,680		484,383
Total debt outstanding				$	3,923,084		3,919,544

⁽¹⁾	Includes six mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to fix the interest rates. The effective fixed rates of the loans range from 2.5% to 4.1%.

⁽²⁾

Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. During February 2021, the Company amended its Line agreement to extend the maturity to March 23, 2025 retaining the same overall borrowing capacity of $1.25 billion and credit-based interest rate spread over LIBOR currently equal to 0.875%.

⁽³⁾	In January 2021, the Company repaid in full the $265 million Term Loan, using cash on hand.

Schedule of maturities of long-term debt

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:

(in thousands)	December 31, 2020
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities ₍₁₎				Total
2021	$	11,598	$	31,562	$	—				43,160
2022		11,797		5,848		265,000		⁽²⁾		282,645
2023		10,124		65,724		—				75,848
2024		5,301		90,744		250,000				346,045
2025		4,207		40,000		250,000				294,207
Beyond 5 Years		17,505		121,303		2,775,000				2,913,808
Unamortized debt premium/(discount) and issuance costs		—		3,082		(35,711	)			(32,629	)
Total notes payable	$	60,532		358,263		3,504,289				3,923,084

⁽¹⁾

Includes unsecured public and private debt and unsecured credit facilities.

⁽²⁾

In January 2021, the Company repaid in full the $265 million Term Loan.